Pennon Group plc (PNN.L), a clean water and wastewater services provider, announced Tuesday the acquisition of three further renewable energy generation projects. The acquisition and expected build costs for the three projects total around 85 million pounds.
The three projects, located across the UK, including sites in Buckinghamshire, Aberdeenshire and Cumbria, are expected to generate over 95 GWh of electricity on an annual basis from solar PV.
The company expects the projects to commence generation during 2025. The acquisition is expected to provide commercial returns, and to benefit the firm by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets.
Once operational, these projects will significantly increase total self-generation capacity to around 40% of its electricity usage, bringing it closer to 50% target, the company noted.
Pennon said the acquisition is in line with its long-term sustainable growth strategy in UK environmental infrastructure and its target to accelerate the achievement of 2030 Net Zero commitment.
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